While you have until April 18 to file your tax return this year, you may want to consider just going ahead and getting it done now. The reason is a compelling one: If you're getting a refund, the sooner you file, the sooner that money goes right back into your pocket for investing, saving, or spending as you wish.

Last year, more than 152 million individual tax returns were filed, and approximately 73 percent resulted in refunds. Those refunds averaged $2,860 each. That's money that goes right back into your pocket for immediate use toward meeting your financial goals, from saving for a down payment to helping you afford this year's home improvements. Typically, the later you file, the longer it takes for that refund to be returned to you. As Tax Day nears, the returns start to flood the IRS processing centers, and the wait lengthens. Even if you anticipate owing the IRS money, the sooner you know what you owe, the more time you’ll have to raise the necessary cash to make your payment by April 18.

Tips for Getting the Most Out of Tax Season

The person who looks forward to tax time, and whose title doesn't include the letters "CPA" is rare. However, it doesn't have to be a chore for the rest of us. Here are some tips for getting your return done in a way that can pay off in the end.

1. Check your answers.

The most common filing errors involve typos in Social Security numbers, reported income numbers that don't match those filed electronically with the IRS by employers, and simple math errors. Many of these can be avoided by checking your entries. An advantage of using one of the online services, is that they will run a preliminary check and highlight anything that doesn't add up.

2. Say "yes" to itemizing... or at least verify that you don't need to.

Filing the short form and accepting the standard deduction is much quicker than using the longer form. However, if you made any charitable donations, live in a state with a high tax rate, or have other deductible expenses, choosing speed and ease could be costing you in actual dollars and cents. A tax professional will be able to advise which is best for you.

3. Make yourself more at home with home office deductions.

Among the most under-utilized deductions are those related to home offices. Many taxpayers may not realize that the IRS has made changes in recent years that make performing the necessary calculations and meeting recordkeeping requirements easier. For more on the specifics, visit the IRS's website or contact a tax professional.

4. Exhaust the possibilities.

The lists of legitimate Federal and state deductions are lengthy and worth checking. For instance, parents of children diagnosed with overbites whose orthodontist prescribes clarinet lessons, may be able to deduct the cost of the instrument and the lessons. Similarly, swimming pools and gym memberships may be deductible if deemed medically necessary. You'll want to see a tax professional as well as a doctor, before entering these on your return, however.

5. Check for tax credits.

These deductions are made directly against your tax bill, which makes them very appealing. While they come and go from year to year, if you made eligible home improvements-including replacing windows or exterior doors with more energy-efficient alternatives-you will want to see if you are entitled to any credits.

Taxes are inevitable. Getting them done earlier allows you to get on with your new financial year that much sooner.

NAF and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Many people have the idea that being a landlord is as simple as quitting your day job and collecting checks every month. Don't let this day dream fool you. There are several things you need to know prior to renting out your home to make sure you really want to be a landlord.

It's safe to say that, at times, things will fail to run smoothly. Although there are benefits of renting out a property, such as the tax breaks, the monthly income to help pay your bills, and the possibility of profiting, there are also plenty of responsibilities that come with the landlord title.

Stay on Top of Repairs

When preparing your home to be rented, make sure everything is in working condition. With more rentals on the market, renters are going to be choosier. Thoroughly clean your home and make sure all appliances are in good condition. Once your home is ready to rent, make a list of appealing features so you can make a great online post and so you won't be caught off guard if people come to look at the place. Also, stay mindful of the time of year during which you plan to rent. Renters generally move in particular seasons; March, April, May, June, July and August are typically the best times to locate a tenant, according to RentalsOnline.com. They also mentioned that words and adjectives that'll really help you get a renter include: "granite", "state-of-the-art", "stainless steel appliances", "vaulted ceilings", "maple", "gourmet", and "wood floors." Be sure to use any and all of the terms that apply to your home. When you find the right renters, make sure you stay on top of repairs as needed. The last thing you want is a huge list of things to fix once a tenant moves out. It is easier to afford and maintain if you fix little things as they happen.

Talk to a Professional

When becoming a new landlord it's important to make sure you are abiding by all tax laws and local property rules. Talking to a legal or tax professional can help you navigate the landlord-tenant laws, which vary from state-to-state, and help you understand your community's rules governing rental properties. They can also help you with drafting the lease, making sure that it follows local laws.  Read up on some rules.

Another good question to ask a tax professional is if you qualify for tax deductions and which expenses are deductible. There are limits on how much you can deduct each year, and the amount you are able to deduct may differ with the rental activity reported on your tax return.

Set a Competitive Price

Know what other rental properties in the area are going for. Remember that potential tenants have been looking at other places and comparing prices. Make sure your price is competitive and don't forget to highlight the valuable aspects of your home.

When initially setting the price, consider the expenses associated with maintaining the property. Renting your home carries many of the same expenses that come with living in it, including mortgage payments, utilities, insurance, repairs and maintenance. Compare the costs of upkeep with that of similar properties in the area to set a reasonable price that won't leave you in the negative each month.

Screen Tenants Carefully

As soon as your home is ready to hit the market, start looking for a tenant. When choosing a tenant you need to make sure you are very careful, remember Ronald Reagan's old adage: "Trust, but verify." This needs to be a person you can depend on to pay their rent on time and also treat your property with the same respect that you would. Important things you should gather are: references, employment history, names and numbers of previous landlords, and their credit histories. Talking to people they know is a good way to guage character. Don't let your guard down during the screening process- after all this person is a complete stranger.

All in all, renting a home to a potential tenant during an economic slump is beneficial for both parties — but only if homeowners are willing to take the time to address and prevent the potential challenges with this option. After all, it's still your house and you want to protect it.

Whether it’s a larger kitchen for future holiday entertaining or a wave of inspiration after visiting your in-laws’ new condo, you may find yourself ready to make some changes.

Replace Versus Remodel

When it comes to updating your home, the first question you need to ask yourself is, “How long do I plan to stay in this house?” You may be in your home for the duration, which means customizing it to your needs and personal tastes makes sense. While they may also represent an investment in your home—making it more comfortable and even more enjoyable for you—it’s a good idea to think about which improvements will pay for themselves when you sell your home. The general rule of thumb is that unless you plan to stay in your home for more than five years, you should probably look at replacing rather than remodeling.

5 Quick Fixes to Revive Your Home

Many home improvements can make it easier to sell your home. How much you recoup will depend on your local market, but here are five relatively quick and inexpensive fixes that tend to offer the biggest bang for your buck, regardless of where you live.

1. Insulation: Adding insulation to your attic improves your home’s energy efficiency throughout the year. The savings in energy costs will help offset the expense, and you can typically expect to regain what you spent when you sell your home.
    
2. Paint: A fresh coat of paint improves the look of any room or home. Changing colors or customizing a wall—even adding in some new pillows or rearranging furniture and artwork—can make you feel like you stepped into a new home. However, when you are ready to sell, you will want to use neutral colors to help potential buyers see themselves and their things at home in your house.  
    
3. Doors: Replacing your old garage door can drastically improve your home’s curb appeal. A new steel entry door can provide a similar “facelift” while improving security. Both can also improve the way you feel about your house when you come home to it.
    
4. Landscaping: Homes, like people, need to make a good impression, especially when they are on the market. For example, entrances should be inviting and well lit. An attractive outdoor space showcases the full extent of your property and helps prospective buyers envision how they will make use of the home. Hardscaping—installing patios and walkways—shouldn’t be the last thing you do to your home. Rather, this step should be one of the first items on the list so you get to enjoy it, too.
    
5. Resurfacing: Remodeling bathrooms and kitchens are expensive propositions. Given ever-shifting trends, they can also look dated within a few years. The return on the investment, therefore, tends to be lower. For resale purposes, refreshing the surfaces in a kitchen or bathroom may offer the better payback. Having grout cleaned, caulk repaired, and wood floors refinished can make a big difference. Similarly, resurfacing worn porcelain, replacing countertops, and re-staining or painting old cabinets can give rooms a fresh look.

While these fixes can make your home feel new again, they will also show that it is well maintained. Knowing they are looking at a well-kept home gives potential buyers fewer reasons to negotiate on price, which will also help you recoup more of your improvement investment.